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Bellpenny's chief executive Nigel Stockton and chief financial officer Matthew Moore take on the same roles with the new combined business.

Richard Dunbabin and Pat O'Hara of Ascot Lloyd remain as founders and will assist the leadership team.

Stockton said: 'The logic behind this deal is truly compelling. The new entity merges two near-identical sized businesses with similar structures and closely-aligned client propositions. It delivers material long-term benefits and expanded opportunities for both companies' private and corporate clients, along with increased resources and expertise.'

'Having grown from a zero base to more than £6 billion of funds under management in less than five years, this deal makes us one of the UK's biggest independently-owned wealth managers and undoubtedly the fastest-growing. We have the ambition, strategic direction and financial firepower to expand still further.'

'We are proud to have built Ascot Lloyd into one of the UK's most successful and enduring IFA businesses, with a heritage stretching back more than eight decades,' added Dunbabin. The merger with Bellpenny provides the financial backing to grow the business in the future.'